Traditionally, firewalls, antivirus software, and other security tools were the go-to solutions for cyber-security threats. Nonetheless, these security measures no longer guarantee your data security because computer networks get exposed to threats from all directions. With the continued growth of the cloud, you can never be sure about traditional cyber-security methods.
With the continued evolution of the cybersecurity landscape, you need a holistic and company-wide approach. This may entail implementing a risk management strategy. You have to keep in mind that besides preventing cyber-attacks, risk management helps you when it comes to compliance. High-end risk management practices ought to get implemented at all levels of your organization. Here’s how you can use risk management to strengthen your security.
Fortify Internal Security Practices
Even after implementing a risk management strategy, many companies fail to integrate it into their cyber-security framework. Often, threats become incidents and data breaches as a result of employee negligence. Risk management also entails strategies such as employee training on privacy practices and cybersecurity. When such training is undertaken regularly and made mandatory for employees and other stakeholders, it will be easier to protect sensitive data from breaches.
Your company’s security stance is only as good as that of its processes, technology, and people. Even with the most updated security technology in place and all disasters planned for, an employee responding to an ordinary phishing email can create an entry point for hackers. Therefore, you should focus on enforcing an information security policy as part of your risk management strategy.
The policy should embrace your company’s goals and procedures as far as information security is concerned. Similarly, a risk management strategy outlines what you should do to stay compliant, and the best practices for minimizing the possibility and impact of data breaches.
Risk Management Helps You to Identify Security Risks
With a risk management strategy in place, it will be easier to identify potential risk exposure and vulnerabilities, thus improving your cyber-security stance. In doing so, your company’s CSOs, CIOs, and other security professionals will be more aware of the different threats that could lead to breaches. Similarly, they will be able to rank these threats according to their significance.
By using risk management to identify threats that you face, it will be easy to create pragmatic contingency plans for protecting key data assets if breaches occur. The data analysis that you undertake to audit your information assets and allocation resources will also be a straightforward process. Risk management protects your company’s reputation besides improving your overall security program.
Cyber-Security Risk Management Fosters a Compliance Culture
Everyone working at your company has the responsibility to nurture a cybersecurity and compliance culture. This can only be achieved if you have an effective risk management strategy. In the long run, you will strengthen your cyber-security stance. Likewise, you will experience operational benefits, such as more efficient processes.
If you want to foster a compliance culture across your organization effectively, implement cyber risks as a strategic issue. Cybersecurity risk management ought to be a core component of your company’s security framework. It guides how cyber risk management should be handled besides helping you identify the most appropriate mechanisms for detecting, responding to, investigating, and preventing breaches.
The role of cyber risk management is often regarded as its implementation of the company’s legal and regulatory requirements. For adequate data protection, ensure that your risk management strategy doesn’t change obligations or rights. It is a tool that helps you to fine-tune the implementation of your cybersecurity strategy. A good risk management plan enables you to attain the required level of compliance across your organization.
When analyzing your company’s cybersecurity stance, you will realize your security level is as good as that of its vendors, employees, clients, and other stakeholders. The weakest link within this web can cause a severe data breach. Risk management emphasizes the need to educate all these people to improve their security awareness. It also encourages best practices that minimize the possibility of data breaches.
Risk Management Protects Your Supply Chain
Risk management tools help you to undertake an assessment of your network as well as your vendor’s and client’s systems. While at it, you will be able to monitor changes in your security posture as well as vulnerabilities on the part of your vendors and clients. Consequently, it will be easy to take remediation steps towards increasing the level of information security within your supply chain.
Technological advancements have increased the threat of getting breached. Therefore, businesses should take measures to prevent and mitigate breach incidents. According to the Ponemon Institute, organizations with a risk management strategy have a better understanding of their threats and weaknesses when it comes to cybersecurity. Such companies can quickly take an actionable plan to limit damage in case they get hit by a breach, thus minimizing the financial costs of the incident.